Money transfer company, MoneyGram is reportedly working with cryptocurrency cash exchange Coinme to enable the cash funding and payout of digital currency purchases and sales.
Combining MoneyGram’s mobile and API-driven payments platform with and Coinme’s proprietary cryptocurrency exchange and custody technology, the partnership promises to bring bitcoin to thousands of new point-of-sale locations in the US.
Finexra.com reports that in the coming weeks, select MoneyGram locations in the US will let users purchase bitcoin with cash and withdraw their holdings of the cryptocurrency in cash. International locations will follow.
“This innovative partnership opens our business to an entirely new customer segment as we are the first to pioneer a crypto-to-cash model by building a bridge with Coinme to connect bitcoin to local fiat currency,” says Alex Holmes, CEO, MoneyGram.